By Remitbee - Sep 15, 2020
India’s trade deficit in goods stood at US$6.77 billion in August 2020, according to data released by the Union Government on Tuesday. The trade deficit in July 2020 was $4.8 billion. In August 2019, the trade deficit stood at $13.86 billion.
Merchandise imports contracted 26.04% in August to $29.47 billion from a year ago. Exports fell 12.66% to $22.70 billion, said the Ministry of Commerce and Industry in a release.
Total merchandise imports fell by 43.73% to $118.38 billion during April-August while exports were down 26.65% from the year-ago period to $97.66 billion, the data showed.
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After rising since May, exports fell for the first time in August. Exports in August 2020 were $22.70 billion, down from $23.6 billion in July 2020 and $25.9 billion in August 2019.
The trade deficit for August 2020 was estimated at $6.77 billion, up from $4.8 billion in July 2020. The deficit stood at $13.86 billion in August 2019. The trade deficit in August is in line with the street estimates of $6.75 billion. During April to August period, the trade gap narrowed to $20.72 billion from $77.25 billion in the same period a year earlier.